KARACHI: Pakistan Stock market failed to break the bearish spell and closed the day in negative due to a break in flow of positive news and corporate activities. The benchmark KSE-100 Index traded in narrowband throughout the day mostly up and around 48,500 points psychological barrier with several intra-day attempts to break the bearish spell.
The Karachi Share Index (KSE-100) ended the day 515.66 points (0.3 per cent) down at 48,480.90 points against the previous closing of 48,632.56 points. The market went as high as 48,880.02 points during intra-day trading, while recorded as low as 48,426.67 points.
Trading volumes declined to 936 million shares today, as compared to 1.22 billion shares yesterday, while the daily traded value also fell to Rs22.4 billion from Rs28.17 billion in the previous session, the data said.
The market started the day in a strong recovery mood today with the support of fresh buying after the correction yesterday. However, the inflated prices and the psychological barrier over 48,500 points level triggered profit-taking that leads the index back in negative territory in first hour of the trade.
The market despite the selling pressure kept coming back in positive territory with help of selective buying by the investors. The traders and analysts said there was some news regarding disagreement by the business and industry association regarding budget that also added to the pressure on the market.
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Nasser Hyatt Maggo has slammed the Section 203A of the budget 2021-22 which gives powers to arrest and prosecute any person for concealment of income to assistant commissioners of Inland Revenue Service merely on the basis of an accusation or doubt.
He said in a statement issued on Tuesday that the income tax is a civil liability and could not be treated as a criminal liability, and this has always remained a civil matter historically.
The share price of Pakistan Tobacco increased by Rs60 to Rs1,370 while Wyeth Pakistan Limited gained Rs46.57 to Rs2,243.38. On the other hand, Unilever Pakistan lost Rs250 today to close at Rs16,550 while Rafhan Maize lost Rs234.55 to close at Rs9,455.45.
